Lightyear Network Solutions, Inc. (the “Company”) (OTC Markets: LYNS),
an established provider of data, voice and wireless telecommunication
services to business and residential customers throughout North America,
announced today its financial results for the third quarter ended
September 30, 2012.

Financial highlights for the Third Quarter of 2012 include:

Wireless services revenue grew by approximately $293,000 (or 27%) in
the third quarter of 2012 compared with the third quarter of 2011,
while local services revenue decreased by approximately $208,000 (or
11%) for the same period

Operating expenses declined by approximately $667,000 (or 10%) in the
third quarter of 2012 compared with the year-ago third quarter

Cash generated from operations increased to approximately $331,000 for
the third quarter of 2012 compared with approximately $177,000 for the
second quarter of 2012

Non-GAAP EBITDA (Earnings Before Interest, Taxes, Depreciation,
Amortization and Non-Cash Stock-Based Compensation) decreased to
approximately ($111,000) in the third quarter of 2012 compared with
approximately $418,000 in the second quarter of 2012

“We continue to manage through these challenging economic times and the
continued decrease in residential local phone service throughout the
industry,” said Stephen M. Lochmueller, Lightyear’s Chief Executive
Officer. “While we were disappointed with our EBITDA results, we were
pleased with the increase of cash generated from operations and the
growth of our wireless services revenue. The Company will continue to
focus of providing the highest quality services in the most efficient
manner possible. We are implementing plans that we expect will improve
our EBITDA performance in coming quarters.”

About Lightyear Network Solutions, Inc.

Through its wholly owned subsidiaries, Lightyear Network Solutions, Inc.
provides telecommunication services to large, medium and small
businesses and to residential consumers throughout North America.
Lightyear’s product offerings include local PRI and digital T1, enhanced
Internet services, MPLS, Ethernet, Voice over Internet Protocol (VoIP),
local and long distance service, and conferencing. Lightyear also offers
wireless services to customers in the U.S. through wholesale contracts
with multiple wireless providers. Lightyear built its own VoIP network
in 2004 to enhance its product offerings and has partnered with some of
the most prominent names in telecom including: Sprint, Verizon, AT&T,
Level 3, Windstream, CenturyLink, tw telecom, XO Communications and
Cisco. Lightyear Network Solutions is headquartered in Louisville, Ky.
Additional information can be found at: www.lightyear.net.

Forward-Looking Statements

This press release contains "forward-looking statements" for purposes of
the Securities and Exchange Commission's "safe harbor" provisions under
the Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under
the Securities Exchange Act of 1934. These forward-looking statements
are subject to various risks and uncertainties that could cause
Lightyear’s actual results to differ materially from those currently
anticipated. These forward-looking statements may include, without
limitation, statements about our marketing and acquisition
opportunities, business strategies, competition, expected activities and
expenditures as we pursue our business plan. Although we believe that
the expectations reflected in any forward-looking statements are
reasonable, the risks and uncertainties which could cause our actual
results to differ materially from those currently anticipated includes
changes in market conditions, our ability to integrate acquired
operations, the ability to obtain additional financing on satisfactory
terms, customer acceptance of products, regulatory issues, competitive
factors, or other business circumstances and risk factors described in
our Form 10-K for the year ended December 31, 2011, filed on March 30,
2012, and other filings with the Securities and Exchange Commission.
Lightyear undertakes no obligation to revise or update any
forward-looking statements in order to reflect events or circumstances
that may arise after the date of this press release.

Weighted Average Number of Common Shares Outstanding - Basic and
Diluted

22,344,829

22,242,475

22,312,119

21,641,444

Non-U.S. GAAP Financial Measures

The Company has utilized the non-GAAP information set forth below as an
additional device to aid in understanding and analyzing its financial
results for the three months ended September 30, 2012. Management
believes that these non-GAAP measures will allow for an evaluation of
the operating performance of the Company’s business and facilitate
meaningful comparison of the results in the current period to those in
prior and future periods. Reference to these non-GAAP measures should
not be considered a substitute for results that are presented in a
manner consistent with GAAP.

A limitation of utilizing these non-GAAP measures is that GAAP
accounting does in fact reflect the underlying financial results of the
Company’s business. Therefore, management believes that the GAAP
measures as well as the corresponding non-GAAP measures of the Company’s
financial performance should be considered together.

A reconciliation of the Company’s GAAP net (loss) income for the
quarters ended September 30, 2012, and June 30, 2012, to its non-GAAP
EBITDA for the same periods are set forth below:

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